Amy is an individual taxpayer, operating on a calendar year-end. Her agricultural aircraft was destroyed...
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Amy is an individual taxpayer, operating on a calendar year-end. Her agricultural aircraft was destroyed during a tornado on August 12, XX03. She received insurance proceeds to cover the damage on February 21, XX04. In order to qualify for nonrecognition of gain under the involuntary conversion rules, what is the deadline (without extension) for Amy to acquire qualified replacement property?
December 31, XX06 December 31, XX05 August 12, XX05 February 21, XX06
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